- The Washington Times - Monday, January 26, 2009


Wall Street opened higher Monday but braced itself for an ugly week — corporate earnings reports for the final three months of last year that were expected to show weak profits.

Shortly after the opening bell, the Dow Jones Industrial Average rose 21.11, or 0.26 percent, to 8,098.67. The tech-heavy Nasdaq climbed 10.10, or 0.68 percent, to 1,487.39. The broader Standard & Poor’s 500 inched up 6.60, or 0.79 percent, to 838.55.

Forecasts of weaker profits for some of the nation’s biggest companies became reality when Caterpillar Inc., the world’s biggest manufacturer of mining and construction equipment, said its fourth-quarter profit plunged 32 percent and that it expects to dismiss 20,000 workers “to deal with a very challenging global business environment.”

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